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Palatin Technologies Refutes Competitive Technologies Contention of Material Breach
Date:9/12/2007

ation alleges that Palatin has breached the Palatin/CTT agreement as a result of an amendment in December 2005 to the Collaborative Development and Marketing Agreement between Palatin and King Pharmaceuticals, Inc. (NYSE: KG). Palatin disputes that the amendment breaches the Palatin/CTT agreement in any way. Nevertheless, during the morning of September 10, 2007, Palatin announced via a press release and conference call that the King agreement had been terminated. Therefore, any alleged breach to the Palatin/CTT license agreement was eliminated by the termination of the King agreement, which was announced prior to CTT sending Notice of Termination.

About Palatin Technologies, Inc.

Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. The Company's internal research and development capabilities, anchored by its proprietary MIDAS(TM) technology, are fueling product development. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. The Company currently has collaborations with AstraZeneca and the Mallinckrodt division of Covidien. For additional information regarding Palatin, please visit Palatin Technologies' website at http://www.palatin.com.


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